Bo Hines, a former crypto adviser to US President Donald Trump, reportedly maintained financial ties to a company that benefited from a stablecoin bill he helped push through Congress. According to a report from The Wall Street Journal, Hines held a one-third stake in Nxum, an investment company he co-founded, while advocating for the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. The legislation passed in July 2025, but its implementation is scheduled for January 2027.
Nxum received $6.3 million from stablecoin issuer Tether as part of a deal, with the first payment occurring while Hines was still serving in the White House. The Journal reported that Hines communicated with Nxum partners via the Signal app, updating them on the GENIUS Act's progress. He also allegedly pressured them to label Republican lawmakers opposing the bill as 'undermining the president' and 'bought and paid for by democratic shills like Coinbase and a16z.'
Hines joined Tether as a 'strategic adviser' in August 2025 and later became CEO of its US arm. The reported deal has raised concerns about potential conflicts of interest, particularly given Trump's disclosure of $1.4 billion in digital asset-related earnings in 2025, including millions from his family's crypto company World Liberty Financial, which issues the USD1 stablecoin.
The GENIUS Act's passage involved key figures from the crypto industry, including executives from Tether and Circle. However, the law's implementation remains pending, as it requires further rules from government agencies such as the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Federal Reserve Board, and Treasury Department.